Mdundo.com (MDUNDO) Q4 23/24 earnings summary

Executive summary

• Achieved 36 million monthly active users in June 2024, surpassing the 35 million target and aiming for 40 million by June 2025.

• Reduced annual cash burn by 36% to DKK 4.5 million and improved EBITDA by 18% to negative DKK 6.4 million.

• Subscription revenue grew 68% to DKK 7.4 million, now representing 62% of total revenue.

• Advertising revenue declined 45% to DKK 4.5 million due to weak currencies and underperformance in ad sales.

• Cash position at year-end was DKK 11.1 million, 31% of IPO proceeds.

Financial highlights

• Revenue for 2023/24 was DKK 11.9 million, down 6% year-over-year.

• Net loss for the year was DKK 9.8 million, an improvement from DKK 10.2 million last year.

• Gross margin ratio improved to -35.4% from -41.3% year-over-year.

• Cash and cash equivalents at year-end were DKK 11.1 million, down from DKK 15.5 million.

• Average number of full-time employees remained at 18.

Outlook and guidance

• Targeting 40 million monthly active users by June 2025.

• Projecting revenue of DKK 15-17 million and EBITDA of DKK -4 to -5 million for FY 2024/25.

• Focus on driving value per user through paid subscriptions and telecom partnerships.

• Aiming for EBITDA positive operations by end of calendar year 2025.